US Bitcoin Corp Takes Charge
Data center operator US Bitcoin Corp (USBTC) will accommodate 8,500 Bitcoin (BTC) miners with an anticipated hashrate of 820 petahash (PH) that belong to the insolvent cryptocurrency lender Celsius at its Alpha Site, as per a press release dated Aug. 31.
The announcement indicates that this is part of an agreement that might enable it to oversee as many as 310,000 Bitcoin miners from Celsius and additional clients, including Teslawatt, Foundry USA, Marathon Digital, Decimal Group, Sphere 3D, along with its equipment.
In May, USBTC, as a participant of the Fahrenheit LLC consortium with other collaborators, won the auction to manage Celsius’s assets. These assets comprise a lending portfolio and roughly 122,000 mining machines.
USBTC’s responsibilities include overseeing the bankrupt lender’s mining operations, in addition to playing a crucial role in the setup and functioning of a 100-megawatt Bitcoin mining facility.
On another note, once the insolvent lender finalizes its restructuring process, the miner holds a distinct right to enter into operational and service contracts with the new entity. Nevertheless, these contracts must receive approval from the bankruptcy court.
Commenting on the agreement, USBTC president Asher Genoot characterized it as a significant achievement for the mining sector. Genoot stated:
“As we progress in partnership with Fahrenheit, we’re beginning a new phase that builds on that success. The collaboration among USBTC, Celsius, and Fahrenheit highlights our dedication to transforming the mining industry.”
USBTC has finalized its merger with Bitcoin miner Hut 8 Mining Corp. The announcement regarding this merger, first made in February, resulted in the creation of a new entity called Hut 8 Corp.
The post US Bitcoin Corp to host 8,500 of Celsius’ mining rigs as part of asset management deal appeared first on CryptoSlate.
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